|Wealth Building Information|
5 Simple Steps for Serious Saving and Financial Growth
1) Pay off your loan, credit and store card debt and resist the temptation to keep on spending money you don't yet have.
Credit cards and store cards attract the highest rates of interest and are the most inefficient way to work your finances. The average annual percentage rate (APR) for credit cards in the UK is 16.1% and consumers effectively waste �500 million each month on interest payments. Credit card companies profit massively from the rates of interest charged because few people pay off more than the minimum amount each month - so while you get less wealthy these companies continue to grow and even increase your credit limit without you asking them to which will enable you to borrow more, get deeper in debt for longer and enable them to profit further!
Stop the cycle!
Look at your card's APR, can you do a balance transfer to another card company and reduce the APR? If so, make sure the reduced rate is not just an introductory offer with the APR rising higher than the rate you currently suffer. Do detailed research and homework in this area, the internet is a great place for independent information, see if you can reduce your interest charges while you work to pay off the debt.
Remember - simply reducing the interest you pay will not make you wealthier, you will still be throwing money away as long as you do not pay back your complete balance.
Pay off the debt as soon as you can, reduce the temptation to buy anything other than your home on credit, watch the rates of interest you're charged on any money you do have to borrow and stop others profiting!
2) Pay off your mortgage before retirement.
The most significant asset most people have is their home, while they do not own it and are paying a mortgage on it, the most expensive asset most people have is their home! While you're working and bringing in a regular income you're in the best position possible to obtain and afford a mortgage, but when you reach retirement the majority of people find they have a fixed and limited budget on which they have to live and if they are still making mortgage payments this will restrict them massively.
By paying off a mortgage before retirement you will benefit in two ways. Firstly you will significantly reduce your monthly outgoings meaning you can live on far less and potentially enjoy a far better lifestyle than your peers who are renting or paying off debt on their home. Secondly the amount of equity you will have in your home is significant. This equity offers the potential for massive financial security. You can borrow against the equity if ever you absolutely had to or you could release the whole amount through the sale of the home.
3) Get a pension.
Pensions might not be sexy; in fact they are probably the most boring financial instrument around! However, qualifying pension contributions are tax exempt meaning that you're rewarded by the tax man for saving for your retirement via a pension plan. Added to this mini-bonus is the fact that some companies offer their employees a pension scheme into which they too pay an amount. This means that if you opt in to such a scheme you effectively get 'free' money from your employer as well! So, fashionable and pretty they are not, tax efficient and wealth effective they most certainly can be!
4) Use a two tiered bank/savings account and earn better interest rates.
If you don't ask you don't get - and few banks promote that they offer customers the option to bank and save at the same time. However, such a structure is offered by most UK high street banks and should be available at no extra cost upon request.
How does it work?
Basically money in your bank account is automatically transferred into a savings account that attracts a higher rate of interest, as you draw down from your current account for bills, standing orders, nights out, so money is automatically transferred out of the savings account to cover it.
Like most people you may have a fast turn around of money in your account on a monthly basis and money may not remain in the savings account for long! However, every small step in the right direction makes a positive difference and if you can earn interest from your bank instead of being charged it by a credit card company you're going to be the winner instead of the financial institutions!
5) Profit from tax efficient savings schemes.
As already mentioned, pensions are tax efficient investment vehicles as they accept tax exempt contributions. There are also a number of savings vehicle that offer tax exemption on any gains accrued ? i.e., any interest your money attracts is paid to you gross without any tax being taken. Currently in the UK the most well known and widely promoted and used is the ISA or Individual Savings Account.
Consider setting up a standing order to pay a percentage of your income into such a scheme each month?after the first couple of months you won't even miss the money and over the long term it may well accrue significant tax free interest?yet more free money for you!
Rhiannon Williamson is the publisher of http://www.shelteroffshore.com/ - the online resource that guides you to a low tax, maximum investment profit lifestyle.
Shelter Offshore features three main channels - offshore investment, property investment abroad and overseas lifestyle.
Rhiannon Williamson is also the author of 'The Offshore Advantage' http://www.shelteroffshore.com/index.php/shelter/offshore_advantage/ which teaches readers how to build secure wealth using their secret offshore advantage.
(c) Shelter Offshore - All Rights Reserved
Lesson 1 - Why Arent You Wealthy?
We will start the Financial Fitness System with the assumption that you are out of shape financially or you would not have decided to subscribe to the course. So, again, why aren't you wealthy? There are some exceptions, but for the majority of the world it's the same reason. You did not choose to be wealthy, that's it, end of story. We told you this would be simple!
Residual Income - The Myth
"Join our program and retire in 3 months..." yeah, right.
Russ Whitney - Building Wealth Through Real Estate
When Building Wealth by Russ Whitney was released a few years ago it sent shockwaves through the real estate industry and uncovered some amazing insights into Real Estate and Russ Whitney. It also opened the door for many people to get involved in the Real Estate Training Investing Training World.
Build Wealth - Formula To Success
A mole travels one road, according to the way nature intended him; and a squirrel travels another. They cannot follow the same path to get ahead. But the mole is not a failure because he cannot climb a tree, nor does the squirrel sit down and mope because he cannot travel under�ground. You cannot make a ship sail on dry land to any port; and it is equally foolish to try to make one person reach money and prosperity by the same road which another travels with ease.
Why do Some People Rake in the Dough while Others Spin Their Wheels to No Avail?
Here's the truth: I have read hundreds and hundreds of books about personal finances, from the conventional world of financial planning, to the trendy how-to-get-rich programs to the New Age gurus of money.
The Difference Between Wants & Needs
So you want to become wealthy? While there is no single road to getting there, it's a sure bet that one principle is in place for those who keep their wealth over a lifetime. Live beneath your means. Spend less than you make. Don't spend more than you can afford. It doesn't come any simpler than this. If you want to create wealth, you have to learn to do this. It doesn't matter if you make $10,000 a year or $1 million, if you don't learn how to master the step of spending less than you earn, you'll never create lasting wealth.
The Underlying Belief System
Many of us do not consider the underlying belief system about money to be of any importance. You think it does not matter, because what matters is what you do now. Right, at one level, but not complete. All ideas that we have learned about money in the past are colouring our actions today.
Simple Strategies to Making Financial Gain
Now is a great time to make it a habit to manage your resources instead of your resources managing you. What is meant by that when we are stating that "Your money manages you"? Here is a well known example:
Mastering Your Money
One of the things most of us have old ideas about is money. The best way to change old ideas is to upgrade and take a new look at them. We have to do the same thing with how we think about money. We have to look at it from a different point of view.
Your Money Or Your Life
Have you stopped to realize that although you go to school to learn about important subjects, no one teaches you how to manage your money? � Money is an essential part of life in our pursuit of happiness, yet very rarely will a parent sit down and tech their child how to handle their money. � This is true in grade school, high school and worst college.� So what happens?� Many of us end up in an extremely large amount of debt.� We can't seem to get it together even if we make more money. � I found myself in this trap about 13 years ago.� I had an okay job, a car, and an apartment.� Nice I thought soon I would buy a house and live the "American dream".� Wrong!� I could never save enough to buy a house.� I had plenty of credit cards, so many that I never had enough money due to many payments to put aside for my dream home. � What was happening to my paychecks?� Well, I was over extended in credit card debt for one.� The buy now pay later syndrome was well embedded in my head.� That mentality had to stop!� Since, I wasn't terribly behind in my payments I was able to get some help from the creditors.� I simply asked for a lower interest rate and/or the ability to skip a payment.� After that call, I had to cut up and dispose of the cards.� No! I didn't cancel my cards but I got rid of them just the same.� � Next I bought a tablet just for my budget information and bills.� I also purchased a software program to keep track of my expenses.� I think it is important to keep something manual that you can carry as well as a computer software tool. � Next, as bills came in, I wrote them down with the name, address, phone number of the creditor, my total balance, interest rate, and minimum payment due, the due date, and if there were any annual fees acquired with the card. � Review the card with the highest interest rate and pay more then the minimum due.� Always ask if they can reduce your rate or seek the possibility of debt consolidation buy applying for a low interest rate loan or credit card.� If you haven't cut up your credit cards do not get a consolidation loan.� Because most likely once your payments are manageable you'll start using your cards again. � Minimizing your spending is the key to financial freedom.� Make sure to start a savings plan after you've gotten your debt under control.
Controversial Wealth Audit Reveals Over 90 Percent of Us Could End Up Working Forever...Are You One
Results from a new tool developed by UK based firm, Lean Marketing, confirm a worrying trend.
The Predicament of the Newly Rich
They are the object of thinly disguised envy. They are the raw materials of vulgar jokes and the targets of popular aggression. They are the Newly Rich. Perhaps they should be dealt with more appropriately within the academic discipline of psychology, but then economics in a branch of psychology. To many, they represent a psychopathology or a sociopathology.
Financial Planning For Singles
Financial planning often gets a bad rap. Part of the problem is self-inflicted, since some industry participants would rather sell you a product than address your financial concerns. The process of planning is important, though, whether done with a professional or on your own. After all, you wouldn't leave on a long trip without looking at a map ? a poor analogy for some of us men, but you get the idea.
The TRAP Behind Websites With INSTANT Searches for Unclaimed Money
There is no questioning that the amount of unclaimed money or property being held by both State and Federal agencies is staggering and growing each year ? current estimate is believed to be in excess of $40 BILLION.
Wealth Building Strategy
There are many of us who are working on our wealth creation strategy. Wether it be working another job, starting a small home based business or seriously building knowledge on the share and property markets, those that are serious are looking.
Trustee Fees: How Much is Enough and How Much is Too Much?
I am often amused by the ads and offers I see concerning living trusts.
Let Me Inspire You - You Aint Seen Nothing Yet! (PART-1)
You know about compounding right? You understand what pyramiding your result on a weekly basis can do for your seed capital over a short time. You understand that taking just $100 and compounding it at just 8% per week, you can expect to achieve $4371.00 in just 12 months. Taken further, if that was $1000 instead of $100 your end result would be $43,710 and of course if that $1000 was $10,000 you would make nearly half a million in 12 quick months.
My Ambitious Niche - A Completely NEW Way To Find Ambitious Wealth
Turn to the year 1999, a couple of friends sitting on a deck drinking beer and having a few laughs. The intelligent looking one (ME) sips a bud as he looks over to where his wife is, over through the window in the kitchen.
Tax Help - Girls (and Guys) Just Want to Have Fun by Using Tax Saving Tips
In his best selling book, "Rich Dad, Poor Dad, Robert Kiyosaki warns people against the dangers of buying what he calls "doodads" - you know, junk, spur of the moment items.
Four Pillars of Creating Wealth
Some people in this world are thinking that their poor financial condition today is their destiny. They keep telling themselves that they'll never get rich in this lifetime. Are you one of those people? If you are, it's a good thing that you find this article, because I want to personally give you four pillars of creating wealth that are being done by many rich people in this world.
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